Product Strategy has got various definitions and versions. Different companies have different versions, most companies don’t have a product strategy.
Some companies have a product strategy and some don’t. Now, the big question is, is it really important?
The answer is a big Yes!!!
Product strategy outlines the ultimate vision of a product. It states that where the product will settle. It’s a roadmap which helps define the journey since inception.
It’s not debatable that a product strategy is important.
Many companies fall into the trap of considering Product Strategy as a plan to construct specific functions and capacities. We usually say our Product Strategy are things like:
” To produce a system that permits music producers to submit and share their music.”
” To create a backend system that will certainly enable the sales group to manage their leads.”
” To produce a front of the channel website that markets to our target customers and transforms them.”
This isn’t a Strategy, this is a plan. The issue is that when we treat a product plan like a strategy, it will generally fail. Strategies do not represent unpredictability or change. They give us a false complacency. “If we simply follow the strategy, we’ll do well!” However, there is no assurance of success right here.
Why is a product strategy important?
The product strategy develops the basis for carrying out a product roadmap as well as subsequent item launches. The product technique allows the company to concentrate on a certain target audience as well as attribute collection, instead of attempting to be everything to everyone.
Elements of a product strategy
There are six key elements or rather questions, one should answer in order to define the strategy
- Who are you selling (Target customer)
- What are you selling (Unique Selling point)
- What value you are providing (Value proposition)
- What should be the Price (Best Price)
- How will you distribute (Distribution)
Product strategy should align with the ultimate business goal. The biggest responsibility of a product strategist is to figure integrate various stakeholders aspirations (Business, Final Consumers, Middlemen etc)
The best way to go about it is to interview buyers personas. It should serve all right.
This makes visions come true in an easy and achievable way.